Emergency State and Community Financial Assistance Corporation Act

[AI summary unavailable — showing source text] Emergency State and Community Financial Assistance Corporation Act - Establishes the Emergency State and Community Financial Assistance Corporation to make and guarantee new loans at reasonable interest rates to States and local governments for public works and facilities. States that the Corporation shall have a capital stock of $1,000,000,000 subscribed by the United States, payment for which shall be subject to call in whole or in part by the Board. Authorizes the Corporation to issue rates, debentures, bonds, and other evidences of indebtedness in such amounts and on such terms and conditions or its Board may determine, subject to the limitations prescribed in this Act. Exempts the Corporation from the taxing authority of the United States or any State or local government. Authorizes to be appropriated to the Secretary of the Treasury $1,000,000,000 to finance the purchase of Corporation stock.…